A Massachusetts nominee trust is (a) in writing, (b) has one or more persons or corporations named as trustees, (c) has an identified corpus, (d) has beneficiaries identified on a written schedule held by the trustees but not disclosed to the public, and (e) contains various trustee powers as to corpus dispositions that can only be exercised when authorized by the beneficiaries.
The beneficiaries are the owners of the corpus for all purposes, including income, gift and estate taxation, except being the owners of record of the corpus. There is a Principal/Agent relationship between the Trustees and the Beneficiaries, and it is somewhat the reverse where usually in a Grantor Trust, the Trustee instructs the Beneficiaries on what he will/is allowed to do for them, but in a Nominee Trust the Beneficiaries direct the Trustee.
The nominee trust was conceived as an estate-planning vehicle to allow a decedent's real estate to pass to beneficiaries without the necessity of it being probated, e.g., the undisclosed beneficiaries would be also be the trustees of the Nominee trust (you can't have the same trustee be the only beneficiary, but the same two trustees can be the same two beneficiaries!)
The trustees have liability in tort but not in contract if the trust has appropriate language stating that those dealing with the trust may look only to trust property when a dispute arises with the trustee and giving the trustee ostensible authority to deal with the trustee.
The Kings New York Agreement and Declaration of Real Estate Business Trust, also known as the Massachusetts Nominee Realty Trust, is a legally binding document that creates a trust to manage and hold real estate assets. This type of trust is commonly used in Massachusetts and is governed by specific rules and regulations. The primary purpose of the Kings New York Agreement and Declaration of Real Estate Business Trust is to ensure that the property or properties held within the trust are managed and operated for the benefit of the beneficiaries. The trust is typically created by a written agreement, which outlines the rights, responsibilities, and limitations of the trustees and beneficiaries. One important feature of this trust is that the trustees are obligated to act only as directed by the beneficiaries. This means that the beneficiaries have the authority to instruct the trustees on how to handle the real estate assets and any related business activities. The trustees are essentially acting as agents of the beneficiaries and must follow their instructions and wishes. There may be different variations or types of the Kings New York Agreement and Declaration of Real Estate Business Trust, depending on specific circumstances and requirements. Some variations may include provisions for specific types of real estate assets, such as residential or commercial properties. Others may include provisions for a specific duration of the trust, such as a fixed term or until a certain event occurs. Additionally, the Kings New York Agreement and Declaration of Real Estate Business Trust may specify how the income or profits generated by the real estate assets should be distributed to the beneficiaries. It can outline whether the income will be distributed proportionally among the beneficiaries or if it will be allocated based on specific instructions or criteria. In summary, the Kings New York Agreement and Declaration of Real Estate Business Trust, also known as the Massachusetts Nominee Realty Trust, provides a legal framework for the management and operation of real estate assets. It ensures that trustees act only as directed by the beneficiaries, who have the authority to instruct and guide the trustees in managing the properties and related business activities.The Kings New York Agreement and Declaration of Real Estate Business Trust, also known as the Massachusetts Nominee Realty Trust, is a legally binding document that creates a trust to manage and hold real estate assets. This type of trust is commonly used in Massachusetts and is governed by specific rules and regulations. The primary purpose of the Kings New York Agreement and Declaration of Real Estate Business Trust is to ensure that the property or properties held within the trust are managed and operated for the benefit of the beneficiaries. The trust is typically created by a written agreement, which outlines the rights, responsibilities, and limitations of the trustees and beneficiaries. One important feature of this trust is that the trustees are obligated to act only as directed by the beneficiaries. This means that the beneficiaries have the authority to instruct the trustees on how to handle the real estate assets and any related business activities. The trustees are essentially acting as agents of the beneficiaries and must follow their instructions and wishes. There may be different variations or types of the Kings New York Agreement and Declaration of Real Estate Business Trust, depending on specific circumstances and requirements. Some variations may include provisions for specific types of real estate assets, such as residential or commercial properties. Others may include provisions for a specific duration of the trust, such as a fixed term or until a certain event occurs. Additionally, the Kings New York Agreement and Declaration of Real Estate Business Trust may specify how the income or profits generated by the real estate assets should be distributed to the beneficiaries. It can outline whether the income will be distributed proportionally among the beneficiaries or if it will be allocated based on specific instructions or criteria. In summary, the Kings New York Agreement and Declaration of Real Estate Business Trust, also known as the Massachusetts Nominee Realty Trust, provides a legal framework for the management and operation of real estate assets. It ensures that trustees act only as directed by the beneficiaries, who have the authority to instruct and guide the trustees in managing the properties and related business activities.
